Stadium District (formerly Producers Coop)

[Pete]

6 SE 4th
status= for sale
owner= Producers Coop
cost= $105 million sales price
acreage= 37.75
other= currently operating plant



Information & Latest News

1/31/09: Cotton seed mill mulls moving
10/24/08: Mill expands
Links

Official Website
Gallery

[Pete]

Even though there are posts scattered all over the site about this property, I created a new thread/article to consolidate the most relevant information, especially because there are always lots of questions about it.

[Pete]

BTW, I don't see any signs of the cooperative moving to the old Firestone plant and suspect they are waiting to sell this property first.

There has been no activity at the old tire plant and I couldn't find any building permits.

[Bellaboo]

From a Case Study about the Co-op - Interesting

The Relocation Decision

The Producers Cooperative purchased the former Bridgestone/ Firestone Dayton Tire
factory near SW 25th Street and Council Road in 2009 for $14M. The facility which was located
on the outskirts of Oklahoma City included more than 1 million square feet under roof and 170
acres of land. PCOM CEO Gary Conkling described the rationale in a January 31, 2009 press
release.
We considered moving to southwest Oklahoma, the heart of Oklahoma cotton-growing
country. Access to rail service and interstate highways tipped the decision to move to the
industrial sector of southwest Oklahoma City…It could take four or five years for
Producers Cooperative to relocate. All we're really doing is planning for the future.
We've kind of looked for land for several years”
In February 2010, PCOM officially put their 43 acre downtown facility up for sale at an
asking price of $120M.

[AP]

I thought they hadn't moved anything yet. Are they still asking $120M for it?

[Pete]

$105 million is the latest I have seen.

That is still well over $2 million an acre, which is more than Rainey Willaims paid for the Stage Center parcel.

And of course, this property is likely to need all types of toxic cleanup.

[catch22]

There is simply too much land there at too high of a price. It's a snowball effect to get a return on investment. In order to justify the enormous land and site prep costs, you have to have a huge development, which is vastly more expensive, which creates a harder to achieve ROI. Downtown land is not that valuable yet. Especially in that area.

[Pete]

It's really not that great of property... None of it fronts on the new boulevard, you've got railroad tracks to the east, the interstate to the south and industrial properties that are under separate ownership to the north.

And access isn't that great via car.

I don't think they could sell for 1/3 what they are asking.

[Jake]

It would be cool to develop it and extend the canal into it. Wishful thinking, but a guy can dream can't he?

[bchris02]

It's probably much more likely for the property to be sold and then divided up and then sold off in pieces for development. A huge development like a casino/resort could take up the entire thing but more practical stuff would take up much less.

[onthestrip]

Gary Gregory just threw out that giant asking price because he hoped the city would select it for the convention center. I doubt the Co-op people came up with that number. And if he asked for $120mil, he probably figured he could maybe get $60mil for it. He is just a broker and a salesman hoping for a big pay day. The city obviously went with another location for convention center and the co-op needs to price it no more than $30mil if they want a realistic chance of selling. Even then Im not sure there would be any buyers.

[bchris02]

I don't get why people think that is such a horrible location. It's pretty much fronting the new boulevard, directly across from Lower Bricktown. This is a prime location that could be put to good use.

[Pete]

I don't get why people think that is such a horrible location. It's pretty much fronting the new boulevard, directly across from Lower Bricktown. This is a prime location that could be put to good use.

It's NOT fronting the boulevard.

[BrettM2]

It's NOT fronting the boulevard.

It would be in Tulsa.

[catch22]

It would be in Tulsa.

[David]

It would be in Tulsa.

Full on, laugh out loud hilarious.

[CaptDave]

It's really not that great of property... None of it fronts on the new boulevard, you've got railroad tracks to the east, the interstate to the south and industrial properties that are under separate ownership to the north.

And access isn't that great via car.

I don't think they could sell for 1/3 what they are asking.

An eminent domain process certainly would be interesting over this property not that it is likely. The brownfield clean up costs are potentially very large and would significantly impact that value.

[hoya]

Barring a MAPS 5 vote for a new NFL stadium in like 2030, this will be the last big chunk of downtown property to be redeveloped. It's too much land to absorb all at once. Nobody has a development that's big enough You'll see Core to Shore finish, with growth all along the river. Every empty space between the CBD and Midtown will be full, probably stretching up to 23rd. Capitol Hill will see investment. The Farmer's Market area will fill out, down into Stockyards City. The Health Sciences area will connect with Deep Deuce. And the Cotton Mill will still be there.

That's because all those other areas can develop one piece at a time. The Cotton Mill will require a huge buyer with a lot of money to spare, because it all has to go at once. We either do it with one big MAPS project or we wait.

[bchris02]

It would be in Tulsa.

I don't get it.

[Spartan]

I don't get why people think that is such a horrible location. It's pretty much fronting the new boulevard, directly across from Lower Bricktown. This is a prime location that could be put to good use.

Have you seen the design for said new boulevard?

You can pretty much wipe off billions of dollars in real estate valuations...

[Rover]

I don't think the boulevard is the reason this isn't worth $120 Mil, or even close. You could drop I40 at its doorstep and it wouldn't be worth it.

This seems like the perfect spot for a sports complex. Football/soccer stadium, eventual location for replacement of Chesapeake arena. Parking could be used for multiple venues and access by rail, street etc. could be easily be made. Nearby boulevard and 1-40 entrances/exits and 1-235, as well as proximity of I35 would seem to make it well situated. Hotel for river sport attendee's could be supported. Bricktown would benefit big time.

[BoulderSooner]

Have you seen the design for said new boulevard?

You can pretty much wipe off billions of dollars in real estate valuations...

Pure comedy

[zookeeper]

I don't get why people think that is such a horrible location. It's pretty much fronting the new boulevard, directly across from Lower Bricktown. This is a prime location that could be put to good use.

I'll take your quote and change it a little. Any property that size so close to a booming downtown, a stone's throw from the home of the NBA Thunder, runs along one of the busiest east-west interstates in America, is a few blocks from one of the busiest north-south interstates in the country, and is basically just lower-lower Bricktown...that's a horrible location?

[Rover]

I don't think the boulevard is the reason this isn't worth $120 Mil, or even close. You could drop I40 at its doorstep and it wouldn't be worth it.

This seems like the perfect spot for a sports complex. Football/soccer stadium, eventual location for replacement of Chesapeake arena. Parking could be used for multiple venues and access by rail, street etc. could be easily be made. Nearby boulevard and 1-40 entrances/exits and 1-235, as well as proximity of I35 would seem to make it well situated. Hotel for river sport attendee's could be supported. Bricktown would benefit big time.

Hey...why doesn't someone call Boone Pickens? Athletic Village II.

[Pete]

Absolutely no one called it a horrible location.

It's simply not worth anywhere near what they are asking, which is why it's been for sale for several years.